Your business is more than a lifetime of hard work; it’s your heart’s work. You’ve forecasted for strategic growth, trained your management team to be self-sufficient, protected product quality standards, and built a reputation for stellar customer service. Your focus has been balancing continued innovation with service worthy of a loyal customer base. So, what happens next? It’s time to move to the next stage in your life—and that begins with creating an exit plan.
Whether your business is moving to the next generation, current employees, or completely new ownership, planning for the transition is essential. A successful exit plan, however, can take several years, even upwards of a decade, to fully implement. While each company’s needs vary, some key components include: a fair valuation and understanding of the business’s market value; ensuring the entire management team is fully comfortable and trained for their new roles; resolving any pending litigation or complaints; planning for any tax implications; and thoroughly evaluating all planning options and timelines to create a seamless transition.
Separate from the actual business transaction is the retiring owner’s emotional attachment and regular time commitment to the business. A solid exit plan accounts for a business owner’s life after the final hour at the office. Preparing the owner for a world with potential free time on their hands is often an essential, but ignored, part of exit planning.
At ROSENBLATT LAW FIRM, our expert exit planning lawyers are fully prepared to customize the right plan for you—accounting for your future plans, taking into consideration your concerns, raising questions that should be addressed, and more. As Benjamin Franklin said, “If you fail to plan, you are planning to fail.” Contact our exit planning lawyers for the specialized exit plan to provide you, your employees, and your customers, with a seamless transition as you move to the next exciting phase of your life.
Helped reorganize the company to increase the sales price and create residual income
Implemented strategic planning with Client to identify potential buyers
Created phantom stock plan to retain key employees to increase the value of the entity
Reorganized company to increase tax efficiency for current and future sale